Deobald
Short

Shorting ZEC/USDT. Head and Shoulders

BINANCE:ZECUSDT   Zcash / TetherUS
It looks like the market is ready for a bit of cooling and there is number of reasons for that. Firstly, most of the assets including the top coins, have reached the 200MA resistance line. Secondly, we can see the formation of double tops/divergence and other reversal patterns on many assets that were heavily pumped.

Why ZEC?
This asset looks most appealing to me as it was:
1) pumped more than others
2) has a nice risk-reward ratio
3) forming a classical head and shoulders pattern with a decrease in volume and divergence on RSI
4) has 50MA acting as weak support.

Strategy:
Enter short position at the price of 48.30 with the
1st take profit target of around 41.05, 2nd take profit level of 36.60.
Stop-loss above the 50MA (as soon as it will become resistance.)

If you want to monitor the strategy update, smash the like button and follow the profile and the idea!
BUY - SELL - REPEAT
(c) Wunderbit

Comments

It's a dick and two balls))))
+1 Reply
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